Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $63.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 14% compounded monthly. a) What was the purchase price of the refrigerator? Do not round intermediate calculations and round your final answers to 2 decimal places. b) How much interest did Carmella pay during entire contract? Do not round intermediate calculations and round your final answer to 2 decimal places.
Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $63.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 14% compounded monthly. a) What was the purchase price of the refrigerator? Do not round intermediate calculations and round your final answers to 2 decimal places. b) How much interest did Carmella pay during entire contract? Do not round intermediate calculations and round your final answer to 2 decimal places.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $63.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 14% compounded monthly.
a) What was the purchase price of the refrigerator? Do not round intermediate calculations and round your final answers to 2 decimal places.
b) How much interest did Carmella pay during entire contract? Do not round intermediate calculations and round your final answer to 2 decimal places.
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